Wednesday, February 10, 2010

02.10.10 - Lows Retest & Hold

After bumping its head on the falling 5-day moving average, SPY price retested yesterday's lows near S1 and held.  Internals have subsequently become far more supportive, although price is once again struggling with the daily Pivot/ 5-dma confluence.  If internals can hold, I assume those will eventually give way, but note how price is just tracing along that dashed cyan 5-dma line for now.

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